Pittenger & Anderson Inc. Increases Stake in CNX Resources Co. (NYSE:CNX)

Pittenger & Anderson Inc. lifted its stake in CNX Resources Co. (NYSE:CNX) by 488.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,095 shares of the oil and gas producer’s stock after buying an additional 20,830 shares during the quarter. Pittenger & Anderson Inc.’s holdings in CNX Resources were worth $817,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CNX. QRG Capital Management Inc. lifted its stake in CNX Resources by 1.7% in the 3rd quarter. QRG Capital Management Inc. now owns 193,646 shares of the oil and gas producer’s stock worth $6,307,000 after purchasing an additional 3,148 shares in the last quarter. Forum Financial Management LP purchased a new position in shares of CNX Resources during the third quarter valued at about $220,000. Investment Partners Asset Management Inc. bought a new stake in shares of CNX Resources in the third quarter worth about $224,000. Semanteon Capital Management LP purchased a new stake in shares of CNX Resources in the third quarter worth about $282,000. Finally, State of Alaska Department of Revenue boosted its stake in CNX Resources by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 17,662 shares of the oil and gas producer’s stock valued at $575,000 after buying an additional 1,190 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Insider Activity at CNX Resources

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was acquired at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the transaction, the director now directly owns 401,820 shares in the company, valued at approximately $10,772,794.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.65% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CNX. Bank of America started coverage on CNX Resources in a report on Monday, October 28th. They set an “underperform” rating and a $34.00 price objective on the stock. Piper Sandler lowered shares of CNX Resources from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $22.00 to $20.00 in a research report on Thursday, August 15th. Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. BMO Capital Markets increased their price target on shares of CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Finally, Scotiabank boosted their price objective on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Six equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat, CNX Resources currently has an average rating of “Hold” and an average target price of $29.00.

CNX Resources Stock Performance

Shares of CNX Resources stock opened at $35.38 on Wednesday. CNX Resources Co. has a 52 week low of $19.07 and a 52 week high of $37.57. The company has a market capitalization of $5.28 billion, a PE ratio of 11.12, a price-to-earnings-growth ratio of 1.67 and a beta of 1.37. The stock’s fifty day moving average is $31.79 and its two-hundred day moving average is $27.44. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, topping the consensus estimate of $0.32 by $0.09. The company had revenue of $424.21 million for the quarter, compared to the consensus estimate of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same quarter last year, the firm posted $0.35 EPS. As a group, analysts expect that CNX Resources Co. will post 1.5 earnings per share for the current year.

About CNX Resources

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.